HOME   
   NEWS   
   BUSINESS   
   CRICKET   
   SPORTS   
   MOVIES   
   NET GUIDE   
   SHOPPING   
   BLOGS  
   ASTROLOGY  
   MATCHMAKER  


Search:



The Web

Rediff








Business
Portfolio Tracker
Business News
Specials
Columns
Market Report
Mutual Funds
Interviews
Tutorials
Message Board
Stock Talk



Home > Business > PTI > Report

Software exports to be lower in 2003: Nasscom

April 08, 2003 18:32 IST

India's software and services exports for the 2002-03 fiscal would be lower than the projected growth rate of 30 per cent as a result of the appreciation of the Indian rupee, National Association of Software and Service Companies said on Tuesday.

"Because the rupee has appreciated to about five per cent to what we thought it will be, it is going to make a difference to the tune of three-five per cent on the growth rate in rupee terms", Kiran Karnik, president, Nasscom told newspersons in New Delhi.

"But how much difference it will make, we are working out," he said and added it would certainly not be Rs 46,500 crore (Rs 465 billion) as was projected earlier based on a 30 per cent growth rate.

It has been a good year, we are on track in terms of the work that was given but rupee appreciation over the last one year is going to dent the software and services exports, he said.

The industry registered a growth of 28 per cent for the first three quarters of the 2002-03 fiscal and clocked a revenue of Rs 34,000 crore (Rs 340 billion) from the April to December period.

Sunil Mehta, vice president, Nasscom said the growth in dollar terms would also be impacted due to the appreciation but the exact amount would be known in the next four weeks after it starts analysing the data.

In 2001-02, the Indian IT industry raked in a revenue of Rs 48,000 crore (Rs 480 billion) out of which exports were Rs 36,500 crore (Rs 365 billion) a growth of 29 per cent in rupee terms.



© Copyright 2003 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.





Article Tools

Email this Article

Printer-Friendly Format

Letter to the Editor



Related Stories


Long war to hit IT sector: Nasscom

'IT contribution can be 8% of GDP'

China no threat to Indian IT



People Who Read This Also Read


'Investors watching India'

No pressure on states on VAT

Iraq war to hit biz: Nasscom







HOME   
   NEWS   
   BUSINESS   
   CRICKET   
   SPORTS   
   MOVIES   
   NET GUIDE   
   SHOPPING   
   BLOGS  
   ASTROLOGY  
   MATCHMAKER  
© 2003 rediff.com India Limited. All Rights Reserved.